BTCUSD daily price action

Hey guys! I'm starting a fresh thread with the purpose to share and contribute to the daily price movement of BTC/USD. This thread is intended not only to be limited to technical analysis and charts, but also fundamentals and new developments including the regulatory landscape of Bitcoin. That being said, I'm looking forward to an interactive participation from the group. Cheers!

Bitcoin is looking north, having confirmed a bullish doji reversal on the 4-hour chart with a move to $10,000 yesterday.

The cryptocurrency also confirmed a descending triangle breakout on the 4-hour chart yesterday. The pattern is still valid and has gained credence with buying volumes hitting highest since July 19 in the Asian trading hours today.

BTC, therefore, could rise to the 50-day moving average, currently at $10,500, in the next 24 hours or so.

The outlook, however, would turn bullish if and when prices invalidate the bearish lower highs pattern with a move above $11,120.

On the downside, $9,400 is the level to beat for the bears. Over the last two weeks, dips below that level have been consistently short-lived.

Long-term trend: Bullish

Bitcoin snapped its five-month winning streak with moderate losses in July. The bullish structure on the long-term charts, however, is still intact.

For instance, the falling channel breakout confirmed in April is still valid. The 5- and 10-month moving averages continue to trend north, indicating a bullish setup.

Further, on the 3-day chart, the 50- and 200-candle moving averages (MAs) have produced a golden crossover, the first since Feb. 3, 2016.

The long-term bullish outlook would be invalidated only if prices print a UTC close below the 200-day MA, currently at $6,417.

I love this idea! I usually have a good idea of whether I am bullish or bearish on mid to long term timeframes although with crypto I don't usually know what to do when I feel bearish other than selling some of what I hold.

If you like my post :P throw me a Doge: D85YHaQ6nQTp4oT13sHoAZbETn3sADVnF8

Btw, what's the best way to trade BTC on this short term level? I don't actually have an account at the moment, I'm just holding the raw material. What's the best exchange that I can get into without paperwork? And do they have leverage?

Bitcoin was showing signs of seller exhaustion at the start of the week. Notably, the cryptocurrency created a long-tailed doji on the 4-hour chart over the weekend.

A long-tailed doji is formed when sellers push prices lower only to lose control before day’s end, allowing prices to recover the lost ground.

Hence, traders consider it an indicator of bearish exhaustion, especially when it appears following a prolonged sell-off, as was the case with BTC. The cryptocurrency fell from $13,800 to $9,100 before forming the long-tailed doji.

The daily chart was also reporting seller exhaustion in the form of repeated rebounds from sub-$9,400 levels.

BTC is trading around $10,500 and could extend the rally to $11,120 (bearish lower high) over the weekend, as the daily chart indicators are now reporting bullish conditions.

Given what's happening with geopolitics and the price movements with gold.... Can we expect any further rallies in BiTcoin?

Ignored

I once thought Gold was negatively correlated with BTC... one being a flight to quality, the other being a risky asset. But the recent synchronized rallies at least proves that to be a low-level driver.

Btw, remember that BTC only has a market cap of 200B, and bulls like myself expect it to reach a trillion. Like a growing startup, it's not going to be highly correlated with anything.

The leading cryptocurrency began rallying an hour before China's offshore Yuan exchange rate (CNH) began falling in response to escalating Sino-US trade tensions.

BTC appears on track to test falling channel resistance, currently located at $12,030. A high-volume UTC close above that level would revive the bull move from April lows near $4,000 and expose the high of $13,880 hit in June.

The bull case would weaken if prices close below $11,120 today, although that looks unlikely.

Long-term trend: Bullish

Bitcoin snapped its five-month winning streak with moderate losses in July. The bullish structure on the long-term charts, however, is still intact.

For instance, the falling channel breakout confirmed in April is still valid. The 5- and 10-month moving averages continue to trend north, indicating a bullish setup.

Further, on the 3-day chart, the 50- and 200-candle moving averages (MAs) have produced a golden crossover, the first since Feb. 3, 2016.

The long-term bullish outlook would be invalidated only if prices print a UTC close below the 200-day MA, currently at $6,417

I see bitmex is not allowed in US. Not sure about deribit. Just starting my research on my own and looking to get started learning about, trading and investing in crypto space. Not clear the best direction to start out.